Business Insider's personal finance team compared Citi Mortgage to the best mortgage lenders and found it to be an affordable lender with lots of beneficial features but issues with trustworthiness.
Citi has low average rates and fees, a $7,500 closing cost credit, and a low-down-payment loan that doesn't require mortgage insurance.
620
3%
Conforming, jumbo, FHA, VA, HomeRun mortgage, HELOCs
- Special pricing available for deposit account customers
- Get a HomeRun mortgage with 3% down and no PMI
- Offers a $7,500 closing cost credit
- Averag rates and fees are on the low end
- Can’t see customized rates online
- Need a 620 credit score to get a VA loan
- Offers mortgages nationwide
- Minimum credit score and down payment displayed are for conforming mortgages
Citi Mortgage Basics
Nationwide Lending With Citi
Citi offers mortgages in all 50 states.
Citi Mortgage Loan Options
Citi Mortgages offers the following types of mortgages:
- Conforming loans
- Jumbo loans
- FHA loans
- VA loans
- HELOCs
- HomeRun mortgages, which allow down payments as low as 3% without having to pay private mortgage insurance. Citi will also consider non-traditional credit from qualifying borrowers for these mortgages, but if you go this route, you'll need to put at least 5% down.
Discounts and Assistance
New and existing Citi deposit account customers can get a discount on their mortgage, though you'll need a relatively high balance to take advantage of the more attractive pricing perks. If your balance is below $50,000, you'll get $500 off your closing costs. Those with higher balances can get a certain fraction of a percentage off their interest rate.
Citi also offers a lender credit of up to $7,500 to help eligible borrowers lower their out-of-pocket closing costs.
Citi Mortgage Interest Rates and Fees
Based on our review of Home Mortgage Disclosure Act data, Citi's mortgage rates are significantly lower than average.
You can explore current sample mortgage rates for the lender's 30-year and 15-year fixed-rate mortgages on its website. But you'll need to talk to a loan officer to get a customized rate.
In 2023, the average borrower getting a conventional loan from Citi paid $2,402 in origination charges, according to HMDA data. This is on the low end compared to other lenders.
Citi Mortgage Overall Lender Rating
Loan Types: 4 out of 5
Citi's mortgage offerings should meet most borrowers' needs. It has both conventional and government-backed mortgages as well as its specialty HomeRun mortgage. You can also get a HELOC from this lender.
Affordability: 4.5 out of 5
Overall, we think Citi is an extremely affordable mortgage lender, with low average rates and fees plus multiple low-down-payment mortgage options. You can also use non-traditional credit (typically rent or utility payment history) to apply for the HomeRun mortgage if you don't have a credit score. But you'll need a 620 credit score to get a VA loan, which is higher than some lenders.
Customer Satisfaction: 4.92 out of 5
On its Zillow lender profile, Citi has a 4.84 out of 5-star rating based on over 4,000 customer reviews. It also ranked No. 4 in J.D. Power's 2024 Primary Mortgage Origination Satisfaction Study.
Trustworthiness: 2 out of 5
Citi has earned an F rating from the Better Business Bureau due to complaints that were not responded to or unresolved. BBB grades are based on a business' honesty in advertising, transparency about its business practices, and effectiveness in responding to customer complaints.
Additionally, in January 2024 the New York Attorney General sued Citi for allegedly failing to provide sufficient protection from fraud and denying reimbursement to victims.
Citi Mortgage Pros and Cons
Pros
- New and existing customers with a deposit account have access to special pricing
- HomeRun mortgage allows 3% down with no PMI
- $7,500 closing cost credit available
- Low average rates and fees
Affordable Mortgage Programs Unique to Citi
Citi has multiple features that can make getting a mortgage more affordable for first-time or low-income borrowers. Its HomeRun mortgages allow low down payments without PMI. Typically, if you put less than 20% down, you'll need to pay a mortgage insurance premium as part of your monthly mortgage payment.
To qualify for a HomeRun mortgage, you'll need to live in an area served by a Citi branch or in certain census tracts in the Atlanta, Austin, Cambridge, Dallas, Denver, Houston, or Philadelphia metro areas.
You may also be eligible for Citi's $7,500 closing cost credit if you live in one of these areas and you earn less than 120% of your area's median income or you live in a low-to-moderate income census tract.
Cons
- Minimum credit score for VA loan is 620
- You'll need to request a call from the lender to get a customized rate quote
- Has an F rating from the BBB
You'll Need a Decent Score to Get a VA Loan
Citi requires a 620 credit score for VA loan borrowers. While this isn't unusually high, many lenders now allow lower scores on these mortgages.
Are Citi Mortgage Customers Satisfied?
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about Citi's mortgage process.
Smooth Process, Quality Customer Service
In reviews and comments online, Citi borrowers said the loan officers they worked with were professional, knowledgeable, and communicative. We didn't see any complaints that suggested a larger issue with the lender.
How Citi Mortgages Compare
Citi vs. Chase Mortgages
Citi and Chase have similar mortgage offerings, including similar specialty low down payment mortgage products. Like the HomeRun mortgage, Chase's DreaMaker also allows 3% down payments. Borrowers may also be eligible for Chase's Homebuyer Grant, which offers up to $7,500 in down payment and closing cost assistance.
If you're already a Citi customer, you might prefer to get a Citi mortgage so you can take advantage of its customer pricing.
Citi vs. Bank of America Mortgages
Bank of America is another good big bank lending option. It offers multiple affordable mortgage options, plus a $7,500 lender credit and a $10,000 down payment grant.
Both Citi and Bank of America offer perks for current customers, so if you already have an account with one of these banks, you might prefer to take advantage of the discounts available to you.
Bank of America Mortgage Review
Citi Mortgage FAQs
Yes, Citi offers mortgages. Though you might be more familiar with Citi as the bank where you have your checking and savings accounts, Citi offers a wide variety of financial products, including mortgages, personal loans, and investing accounts.
Citi offers lower-than-average mortgage rates, according to our review of HMDA data.
Citi ranks high in customer satisfaction and has many positive online customer reviews from previous borrowers.
New and current Citi deposit account holders can get a discount on their mortgage. The exact discount depends on how much money you have in your account.
Because Citi is a large bank, you may want to explore some smaller alternatives, like a local mortgage lender or credit union. Then you can compare offers and see who can give you the best deal.
Why You Should Trust Us: How We Reviewed Citi Mortgages
To review Citi, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
